Whitebox Advisors Closes Stake in Cash America International Inc (CSH)

Andy Redleaf‘s Whitebox Advisors reported, in a new filing with the SEC, selling out its position in Cash America International Inc (NYSE:CSH). Previously the fund held over 1.62 million shares of the company, equal to 5.5% of the common stock.

At the end of last year, aside from Whitebox Advisors, several other hedge funds held shares of Cash America International Inc (NYSE:CSH). Joe Huber‘s Huber Capital Management position contained 1.59 million shares, valued at $60.86 million; followed by Amy Minella‘s Cardinal Capital with a $29.33 million stake, which contained 765,900 shares. Ken Griffin‘s Citadel Investment Group upped its stake by almost 50% on the quarter to 183,700 shares, worth around $7.04 million.

Cash America International Inc (NYSE:CSH) is a $1.1 billion financial company engaged in providing specialty services to individuals through retail locations and e-commerce platforms. The stock of the company has remained almost unchanged since the beginning of the year, but lost over 25% over the past 12 months. Nevertheless, the average recommendation for the stock is ‘Overweight’ with the target price set at around $45 per share. The stock trails a P/E of 9.xx, below the Credit Services industry average of 21.xx, and has a forward P/E of 8.xx.

For the last year, the company reported revenue of $1.8 billion, unchanged over the year. Its net income declined to $4.04 per share, from $4.57 posted a year ago, and was slightly below the consensus estimate of $4.07. For the first quarter of 2014, Cash America International Inc (NYSE:CSH) is expected to deliver an EPS of $1.21 and revenue of $468 million.

Whitebox Advisors, at the end of last year, had an equity portfolio worth $2.28 billion. Over 7% of the portfolio were held by General Motors Company (NYSE:GM), of which the fund owned 5.21 million shares with a reported value of $162.24 million. Whitebox was also bullish on American Capital Agency Corp. (NASDAQ:AGNC), and during the fourth quarter of 2013, raised the stake by over 2000%, to some 2.36 million shares, worth $45.48 million.

Disclosure: none

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